Browsing Tag

marriage

Family

What Assets A Prenuptial Agreement Can And Cannot Protect

Prenuptial agreements are becoming more and more popular with couples everywhere. In most cases, couples draft and sign prenuptial agreements in order to protect their assets in the event of a divorce in the future. Some still view the idea of a prenuptial agreement as overly materialistic and contrary to the ideas of love and marriage. Others would call those people naive. Whatever your views on this kind of marital contract, if you are considering a prenuptial agreement it is important to know what it can and cannot protect in the event of a divorce from your spouse.

Rights and obligations with regards to property can be outlined in pre nuptial agreements. For example, if either spouse owned one or more homes before marriage, the obligations for maintaining those properties can be restricted to the owner in order to avoid financial burden on the other spouse. Likewise, the prenuptial agreement can protect the rights of ownership to those properties. The option for selling or leasing any properties owned before marriage can be protected and left as the sole right of the original owner. This is an important consideration for property owners and non-owners alike.

February 11, 2013

Family

Talk To Your Spouse About Your Finances

It’s important to be faithful to your spouse, and this includes being faithful regarding your finances. A recent globeinvestor.com article entitled “Do You Cheat On Your Spouse Financially?” really got me thinking about the importance of being honest and open in marriage, specifically regarding finances.

Couples need to determine how much freedom each partner gets in terms of spending without the other’s permission. Big-ticket items will likely require both partners’ consent, whereas smaller everyday items can likely be purchased at one person’s discretion.

It’s a good idea to sit down with your spouse early on in your marriage to set boundaries as well as to decide on the dollar amount that can be spent without needing the other’s permission. Of course, every marriage is different and some couples may choose to keep all of their money separate and to rarely discuss their finances with each other. (I don’t think this is the healthiest way to handle things, but I understand that there are special circumstances that may require this method.)

August 3, 2010

Family

Should I Have A Prenuptial Agreement Before We Get Married?

Well, that’s a good question! Only you can decide whether or not this will work for your particular circumstances.

Robert is engaged to Janet. They’re planning on getting married in a few months. Janet has several pieces of property, numerous investment accounts and is worth millions of dollars. She’s been dating Robert for almost five years prior to his proposal of marriage. She’s decided that she wants a prenuptial agreement prior to marrying Robert, but, is unsure how to tell him. Janet doesn’t want to hurt Robert’s feelings, but she knows that she should protect herself prior to marriage.

October 22, 2009

Family

Marriage & Money Tips

I recently read an article that is worth checking out if you are planning on tying the knot in the near future. It also would be helpful for newly married couples that are trying to figure out how to deal with their finances.

The article is titled Six Money Mistakes of Newlyweds and the author, Erin Burt, discusses the importance of being honest from the beginning about your financial situation. You can only hide your credit card debt from your spouse for so long anyway, so it’s better to just be up front from the start.

The author also emphasizes the need for couples to create a budget, taking into account their current debt as well as their financial goals. She also suggests setting up a “money date” once a month to keep each other in the loop on how their finances are going.

Another must do, according to the article, is to make sure to have an emergency fund in place so that couples are prepared in the event that something unexpected happens. My favorite suggestion found in the article is to not sweat the small stuff. There’s no point in arguing over small money matters. It’s important to pick your battles carefully. For more details, you can find the article posted on Kiplinger.com.

June 21, 2009

Family

Marriage, Money, & The Recession

Money issues in a marriage can be tough at the best of times. Couples argue about how much to spend, what to spend it on, whether or not they should have joint accounts, and the list goes on. Differences in spending habits definitely can make for some interesting conversations, or should I say, arguments. It truly doesn’t matter how much or how little money a couple has, disagreements about money still arise. During a recession, however, finances can get tight, and the pressure is on.

The most important thing to realize is that your marriage is way more important than your financial situation. As a couple, you need to stick together and work out a game plan for how you are going to tackle the situation as a team rather than letting the tough times divide you.

You can start by sitting down together and discussing your specific situation. Create goals as a couple and write them down. Think of ways you can cut back spending and extra things you can do to supplement your income. Come up with a plan involving both of you so that you can have the sense of working together and feel the satisfaction of attaining your goals.

May 16, 2009